International banks are preparing to re-establish links with their Iranian counterparts using the SWIFT transactions system, the head of Iran's Middle East Bank told Reuters on Friday.But it is likely to take at least two weeks before the connections will be set up, which will allow Iranian lenders to engage with the global banking world for the first time since international financial restrictions were imposed in 2012.A nuclear deal between world powers and Iran led to the removal of the curbs on Tehran's banking, insurance and shipping sectors at the weekend, as well as restrictions on oil exports.The SWIFT system, or Society for the Worldwide Interbank Financial Telecommunications, is used to transmit letters of credit and payments."We have sent almost 40 SWIFTS to different banks around the world and we have requested that now that the sanctions are lifted, we would like to exchange documents and whether they will consider a correspondent banking relationship," said Parviz Aghili, chief executive and managing director of Tehran-based Middle East Bank."Some of them have come back and have asked for various questions, for documents they need.""My feeling is it is going to take a couple of weeks or so before we start to see proper re-engagement. It will be slowly, slowly," he said in an interview.Aghili said other Iranian banks were in the same situation regarding SWIFT as his company, which is privately owned by investors that include small and medium-sized Iranian firms.SWIFT did not respond to a request for comment on the status of communication between Iranian and international banks on its system.Aghili also said he anticipated Iran's central bank would at some point force lenders to adhere to international capital standards, known as Basel III - a move that would press them to bolster their balance sheets.A senior official with Iran's central bank declined to comment when asked on Friday about possible measures.

The landmark Iranian nuclear deal will go into effect this weekend, Western and Iranian officials said, triggering the lifting of sanctions and reshaping the political and economic landscape in unpredictable ways across the Mideast and beyond.The United Nations’ nuclear watchdog agency in Vienna was expected to certify by Saturday that Tehran has met its commitments under the July accord with global powers to significantly scale back its nuclear program, according to these officials.In return, most Western sanctions on Iran will start to be repealed, sending tens of billions of dollars in frozen Iranian oil money back to Tehran and opening world markets to hundreds of thousands of barrels of Iranian petroleum.The White House says the implementation of the agreement would be a major advance in the U.S. campaign to stop the spread of nuclear weapons. But its also poses major security and diplomatic risks for the U.S. and its close Mideast allies, such as Israel, Saudi Arabia and the United Arab Emirates, according to regional diplomats and analysts.“Every country in the world is worried about this,” said Saudi Foreign Minister Adel al-Jubeir in London on Thursday, referring to the return of frozen assets. “The concern in most countries in the world is that Iran not use these funds in order to fund destabilization activities, but instead use the funds to improve the well-being of its people.”Iran and Saudi Arabia are in an escalating conflict marked by proxy wars in Syria, Iraq and Yemen. Arab diplomats fear the unshackling of Tehran’s economy will allow Iran’s theocratic leaders to play an even more assertive role in their region.

American officials have voiced optimism the deal could breed stronger relations between Washington and Tehran after four decades of enmity, sparked by the 1979 Islamic revolution and the taking of hostages at the U.S. embassy there.“All parties have continued making steady progress toward implementation day of the [agreement], which will ensure the exclusively peaceful nature of Iran’s nuclear program,” State Department spokesman Mark Toner said Friday.An Iranian negotiator, Hamid Baeidnejad, tweeted Friday that “the landmark agreement is on the way.”To mark the expected milestone, Secretary of State John Kerry will visit Vienna on Saturday, according to U.S. officials, where he will meet his Iranian counterpart, Javad Zarif, and the European Union foreign policy chief, Federica Mogherini.

Tehran hopefully awaits report confirming it has met nuclear deal's demands, but plummeting oil prices will hinder its transformation from a besieged Islamic republic into a flourishing state.Today (or Sunday at the latest), a new era will begin in Iran. At least, that’s the belief of the Iranian Foreign Ministry, which expects that with the submission of the International Atomic Energy Agency’s final report on implementation of the Vienna agreement, most of the economic sanctions that have been imposed on Iran for years will be removed.The report is expected to confirm that Iran has complied with its commitments under the agreement, including the dismantling of some 6,100 of its 19,000 centrifuges (many of which were not operational), the removal of the core at the Arak nuclear reactor and replacing it with concrete, and the removal of most of its stockpile of enriched uranium, which could be used for making bombs.In return, Iran’s global bank accounts and assets will be unfrozen, and international companies will be permitted to invest and do business there without the fear of U.S. sanctions. In addition, large numbers of Iranians will be removed from the blacklists of the U.S. Department of the Treasury and the European Union Economic and Financial Affairs Council. Two-and-a-half years of nerve-racking negotiations led to the nuclear agreement that also ended 36 years of mutual U.S.-Iranian boycotting that began with Iran’s Islamic Revolution in 1979.Fears of violations of the nuclear agreement are an integral part of it. But, at least at this time, relations between Iran and the rest of the world are going to change dramatically, and their nature and quality will serve as a guarantee for the agreement’s fulfillment.Obtaining the agreement was dependent on cautious international diplomacy, which made sure, for example, not to harm Iran’s interests in Syria; to calm Saudi Arabia; to compensate Israel; and to tango with Russia. But its future will be dependent on domestic issues – political developments in Iran and the United States over the next decade, and the personalities of the two countries’ leaders; the strength of the U.S. Congress and the Iranian Parliament; the interests of Iranian businesspeople, clerics and reformists; and the pressure by lobbyists in the United States.The real launch of the new journey will begin next month. On February 26, two election campaigns – one for parliament, the other for the Assembly of Experts, which, among other things, is responsible for evaluating the performance of Supreme Leader Ayatollah Ali Khamenei (77 this year), and appointing his successor – will clarify how the nuclear agreement is perceived by the public and the leadership, and will pave the political path Iran is expected to take.

With Iran ready to resume business as usual with the world under a historic nuclear deal, Tehran will target India, Asia's fastest-growing major oil market, and old partners in Europe with hundreds of thousands of barrels of its crude.Iran expects the United Nations nuclear watchdog to confirm on Friday it has curtailed its nuclear program, paving the way for the unfreezing of billions of dollars of assets and an end to bans that have crippled its oil exports.Tehran plans to lift exports by 500,000 barrels per day (bpd) post-sanctions and gradually raise shipments by the same amount again, adding to a global glut and likely putting more pressure on oil prices which have already dropped 70 percent since 2014, to below $30 per barrel.Iran has 22 Very Large Crude Carriers (VLCCs) floating off its coast, with 13 fully or almost fully loaded, mapping data on Thomson Reuters' Eikon showed, carrying enough crude to meet India's import needs for almost a week.A senior Iranian source close to supply negotiations said that the country - which has the world's fourth-biggest proven oil reserves - was targeting India as its main destination for crude."Indian crude demand is growing faster than other Asian countries. Like our competitors, we see this country as one of the main targets for Asian sales," said the official, who spoke on condition of anonymity.Iran hopes to raise its exports to India by 200,000 bpd, up from the 260,000 bpd currently shipped under sanctions' restrictions, the official said.At the right price, Indian refiners said they were keen to import more from Iran, as demand for fuel soars on 10 percent annual growth in car sales, a rate that is now faster than China's."We have a long-lasting relationship with Iran and post lifting of sanctions we will evaluate the scenario," said L K Gupta, managing director of India's Essar Oil."It makes sense to buy oil from nearby options (like Iran)," said H. Kumar, managing director of another Indian oil firm, Mangalore Refinery and Petrochemicals, but added "intake will depend on prices."The Iranian official said there was not much room for major export increases to China, South Korea or Japan due to slowing demand and also because of a shift there towards more non-Middle East crudes.A South Korean refinery source confirmed he did not expect a big increase in Iranian supplies, largely because of plentiful alternatives.A Japanese refiner said that his firm could only take Iranian deliveries once it had insurance in place, which could take time.

OLD EUROPEAN PARTNERSIran already trades limited amounts of oil mainly with Asian buyers legitimately under sanctions, but its crude exports have fallen to just over 1 million bpd, down from a peak of over 3 million bpd in 2011, pre-sanctions.The Iranian official said Tehran planned to revive supply deals with European partners in order to ramp up exports.Prior to sanctions, Iran was exporting up to 800,000 bpd to Europe with the main buyers being oil majors Royal Dutch Shell, Italy's ENI and France's Total Greek Hellenic Petroleum and Spain's Repsol and Turkish firms.Most former buyers have repeatedly said they would be happy to resume imports but commercial details could be discussed only after sanctions are lifted.Iran's Mehr news agency quoted officials from the National Iranian Tanker Company (NITC) as saying on Friday that as soon as sanctions are lifted some 200,000-220,000 bpd would be exported to France, Britain, Italy, Spain and Germany.Shipping industry association BIMCO confirmed that European clients would be among the first post-sanctions."Former clients of Iran are the ones who are likely to return as buyers... Italy, Spain and Greece were the top EU importers in 2011," said Peter Sand, BIMCO's chief shipping analyst.Following years of under-investment, Iran needs foreign cash to modernize its oil industry.ENI, Repsol and Total were some of the companies with the biggest delegations at a conference in Tehran last November, during which Iran published new terms for foreign oil investors.Prospects for exports to the Americas, never a significant market for Iran, appear slim. Not only do U.S. sanctions unrelated to the nuclear issue remain in effect, but the region is already inundated with supply from soaring U.S. and Canadian production.

CUT-THROAT MARKETIn a cut-throat market, Iran may also find it difficult to sell its oil as the heavy grades it mostly offers are in low demand.Latin American suppliers who produce similar heavy crudes have been seeking new buyers in Asia.Within the Middle East, traders said Iran's main competitor would be Iraq, which has successfully returned to Asian markets in recent years, with exports rising above 3.5 million bpd.In Europe, traders said Iran's crude would compete mainly with Russian Urals and Iraqi grades, which are competitively priced.In China and India, strong passenger car sales are fuelling gasoline demand, while a slowdown in Asia's heavy industries means slower demand for diesel, which heavy crudes are often used to produce.Iran does have light crudes, but needs them for itself to reduce gasoline imports.Either way, Iran adding to an over supplied global oil market is bound to put more pressure on prices. [O/R]"With Iran's sooner return... there is still further downside risk to prices this quarter," Barclays bank said.

Vienna (AFP) - The UN atomic watchdog will likely say Saturday that Iran has complied with last July's landmark deal with major powers aimed at putting a nuclear bomb out of Tehran's reach, diplomatic sources said.The International Atomic Energy Agency report will allow US Secretary of State John Kerry and his Iranian and EU counterparts, Mohammad Javad Zarif and Federica ‎Mogherini, to announce in Vienna that the deal can enter into force, the sources said. Zarif was on his way to the Austrian capital Saturday, Iranian media reported.Under the July 14 deal, Iran agreed to scale down dramatically key areas of its nuclear activities in exchange for relief from painful sanctions, notably on Tehran's lifeblood oil exports.These steps, combined with ultra-close IAEA inspections, extend to at least one year -- from just a few months previously -- how long Iran would need to make one nuclear bomb's worth of fissile material.Iran has always denied wanting nuclear weapons, saying its activities are exclusively for peaceful purposes such as power generation.The hard-fought agreement was sealed in Vienna by Kerry, Zarif, Mogherini and the foreign ministers of Russia, China, Britain, France and Germany after two years of rollercoaster negotiations following the June 2013 election of moderate Iranian President Hassan Rouhani.

The highly complex deal drew a line under a standoff dating back to 2002 marked by several failed diplomatic initiatives, ever-tighter sanctions, defiant nuclear expansion by Iran and threats of military action.In addition it put Iran and the United States on the road to better relations some 35 years after the Islamic revolution that toppled the US-backed Shah, and at a particularly explosive time in the Middle East.- Daggers drawn -The agreement, heralded as US President Barack Obama's biggest -- and some might say only -- major foreign policy triumph, has by no means been universally cheered, however.Obama's Republican opponents charge that it fails to do enough to ensure Iran will never get the bomb, a complaint shared by Israel, Iran's arch foe widely assumed to have nuclear weapons itself.

Sunni Saudi Arabia, Iran's other great regional rival, is also alarmed at the prospect of warmer US-Iran ties and of predominantly Shiite Iran, newly flush with oil revenues, increasing its influence.Kerry, whose trip to Vienna was announced late Friday, sought to allay his Saudi counterpart's fears on Thursday in London, telling Adel al-Jubeir that the two nations' "friendship... remains a lynchpin of our efforts in the region".Already Saudi Arabia and Iran, fighting a proxy war in Yemen and key players in the Syrian conflict, are at daggers drawn following Saudi Arabia's execution of a Shiite cleric in early January and the subsequent ransacking of the Saudi embassy in Tehran.Iran's imminent return to the oil market has also contributed to the sharp slide in the price of crude to 12-year lows of under $30 per barrel this week, putting Saudi Arabia's public finances under strain.The lifting of sanctions on Iran is "going to put 500,000 barrels per day more on the market", said James Williams of WTRG Economics. Some analysts believe $20 oil is on the horizon.

- Bumpy road -The deal has more than a decade to run, which is likely to be a bumpy road, experts say, not least if more hardline governments take power in Tehran or Washington.The two countries are still far from being best friends, as witnessed by Iran's recent capture of 10 US sailors in Iranian waters, although their improved relations did help ensure their swift release.Iran violated a UN resolution in October when it test-launched a medium-range missile capable of carrying a nuclear warhead, a UN panel of experts concluded in a report in December.A "snapback" mechanism ensures that many of the sanctions can be swiftly reimposed, and a special joint commission is meant to handle any misunderstandings."Iran may test the boundaries of the agreement. It is critical that violations do not go unpunished, or the deal could be killed by a thousand paper cuts," said Kelsey Davenport of the Arms Control Association."At the same time, punitive actions for violations on both sides should be proportionate, and differentiated from technical missteps, which may occur under such a complex agreement," she told AFP.

Tehran, Jan 16, IRNA – Iranian Foreign Minister Mohammad Javad Zarif, heading a delegation, departed Tehran for Vienna early Saturday morning.Deputy Foreign Minister Abbas Araqchi, Head of Atomic Energy Organization of Iran(AEOI) Ali Akbar Salehi as well as Spokesman of the AEOI Behrouz Kamalvandi are members of Iranian delegation accompanying Zarif.According to dispatches, US Secretary of State John Kerry will be in Vienna, Austria on Saturday to meet Zarif and EU foreign policy chief Federica ‎Mogherini over the Iran nuclear deal.Kerry, Zarif and Mogherini will discuss the nuclear agreement, dubbed the Joint Comprehensive Plan of Action (JCPOA), on Saturday, State Department Spokesman Mark Toner said on Friday.‘As we’ve said, all parties have continued making steady progress toward ‘Implementation Day’ of the JCPOA, which will ensure the exclusively peaceful nature of Iran’s nuclear program,’ Toner said.Kerry’s trip comes as the UN nuclear agency is expected to verify Tehran’s compliance with its obligations under the JCPOA reached with six world powers last July.The International Atomic Energy Agency (IAEA) will issue its final report on Saturday, according to a diplomatic source.White House Press Secretary Josh Earnest told a news briefing on Friday that Iran has made important progress in its effort to implement the nuclear agreement.Earnest, however, said Iran will not get any sanctions relief until the IAEA verifies all steps have been completed, noting the US wants to insure that Tehran does not ‘cut any corners.’The European Union (EU) has also announced its readiness to lift economic sanctions against Iran as soon as the IAEA releases its report.Iran and the P5+1 – the United States, France, Britain, Russia, China and Germany – finalized the text of the JCPOA in Vienna in July 2015.Under the JCPOA, limits are put on Iran’s nuclear activities in exchange for, among other things, the removal of all nuclear-related economic and financial bans against the Islamic Republic.By IRNA

A senior Iranian diplomat who is in the Austrian city of Vienna for the last phases of negotiations with six world powers over Tehran’s peaceful nuclear program said “good news” will shortly be published on the implementation of a deal finalized back in July 2015.“Be prepared for good news; beautiful moments in our beloved country’s history are going to happen,” Iranian Foreign Ministry’s Director General for the Political and International Affairs Hamid Baeidinejad said in a post on his Instagram account.“I wish you were present in our sessions to witness the dignity and honor of our great nation,” he added in the post.Also in a post on his Twitter account, Baeidinejad said, “Following intensive negotiations in Vienna, good news on implementation day of the landmark agreement is on the way.”He had earlier on Thursday noted that the final talks started on Wednesday, and expressed the hope that the remaining outstanding issues on the country’s nuclear energy program will be dealt with by Iran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) today.This is the last stage on the long path of Iran’s negotiations with the world powers on its nuclear program, and the day for implementation of the Joint Comprehensive Plan of Action (JCPOA), the text of nuclear deal finalized back in July 2015, is looming, he added in a post in his social network account.Earlier on Wednesday, Iran’s Deputy Foreign Minister Abbas Araqchi predicted that implementation of a July nuclear deal between Tehran and the Sextet would start by Saturday, after the UN nuclear agency releases its final report.“The (International Atomic Energy) Agency’s inspectors are supposed to issue their final report on Iran’s honoring of commitments until Friday. I believe the parties will perform their undertakings by Friday and Saturday and (then) the implementation day would be announced,” Araqchi said at the time.Iran and the Group 5+1 (also known as E3+3 and P5+1) on July 14, 2015, reached a conclusion on a 159-page nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.Afterwards, the 15-memebr United Nations Security Council passed a resolution that endorsed the JCPOA.According to the UNSC Resolution 2231, all previous UNSC sanctions imposed on Iran over its nuclear program will be terminated when the JCPOA takes effect.

Thailand hopes to bring its trade transactions with Iran to $5 billion from the current $356 million as the Islamic Republic prepares to receive sanctions relief.“The value of trade and [mutual] investment between Iran and Thailand can increase to $1.2 billion two years into the lifting of the sanctions,” Thai Deputy Minister of Commerce Suvit Maesincee said.“Within four or five years after the removal of the sanctions, the transactions between the two countries can reach $3 billion or even $5 billion,” he added.Maesincee said Iran-Thailand trade was reduced last year by $600 million due to oil price fall and global recession.He said Thai Foreign Minister Don Pramudwinai is expected to travel to Tehran in coming days.Maesincee said Iran is located in a “strategic position” providing access to Eurasian countries of 700 million people.Iran currently enjoys a meager $99 million share in Thailand’s $200 billion market.

The impasse underlines how Tehran is taking a more assertive posture in its dealings with trading partners as options open up for business and it looks to strike better deals.India’s largest-ever steel export deal, struck with Iran in 2014 to allow it to buy the metal without violating Western sanctions that are now set to end, has become mired in a dispute that has seen no payments made or shipments delivered since last fall.The impasse underlines how Tehran is taking a more assertive posture in its dealings with trading partners as options open up for business and it looks to strike better deals.Iranian Gas Engineering & Development Company (IGEDC) has written to Indian state-trader STC India Ltd complaining that steel shipments have been irregular and far below terms set out in the $2.5 billion contract, according to a letter seen by Reuters.It also said in the letter, dated late last month, that it would like to deal directly with Essar Steel India Ltd, which was supplying the steel to STC for export, if the state trader did not restart regular shipments soon.“We strongly urge STC to either be more flexible to enable regular and faster shipments or allow the contract to be dealt directly between IGEDC and the manufacturer,” it wrote.The complex arrangement was put in place to allow steel exports without violating sanctions that prevented private Indian companies from dealing directly with Iran.That is set to change, with Western sanctions expected to be lifted under a historic nuclear deal struck in July between Tehran, the United States, Britain, France, Germany, Russia and China, giving Iran far more flexibility to pursue deals.A source familiar with the matter said steel exports had been halted since Iran stopped making payments in September.IGEDC’s managing director’s office did not return calls seeking comment.STC did not have any immediate comment.“The contract between Essar and STC is valid and is being performed,” Essar said in an email reply.STEEL DEALUnder sanctions, India has been one of the few countries willing to do business with Tehran.“When this steel export deal was done, Iran had virtually no choice than to accept it, as sanctions isolated it from the world financial system,” said Robin Mills, chief executive of Dubai-based Qamar Energy.Mills said the end of sanctions would open a wider circle of trade partners for Iran, such as those from Europe and China.“So Iran would like to diversify and buy steel from other players instead of having a huge contract with India,” he said.Iran expects the U.N. nuclear watchdog to confirm on Friday it has curtailed its nuclear programme, paving the way for the unfreezing of billions of dollars of assets and an end to bans that have crippled its oil exports.India is the top oil client of Iran after China, and Essar Oil, an affiliate of Essar Steel, is a key customer of the National Iranian Oil Co (NIOC).The three-year steel contract was struck in June 2014, after the Indian government, worried about its trade balance with Iran and looking to boost exports, directed trading firms STC and MMTC Ltd to help facilitate business for Indian companies.Indian refiners have been paying 45 percent of their oil dues to Iran in rupees. These rupee-funds are used by Tehran for importing goods, including steel, from New Delhi.BLAME GAMEThe steel deal ran into trouble in September, when Tehran failed to clear dues of about 4.5 billion rupees ($66.7 million) for steel exported to it by STC, the source familiar with the matter said.STC was supposed to supply 1 million tonnes of steel in the first year of the contract, which is for a total of 2.5 million tonnes of steel plate and coil over the three-year span.By September of last year, however, STC had supplied only about 450,000 tonnes of steel.In its Dec. 22 letter, IGEDC told STC that it needed to expedite supplies and make them regular.“Not only have the deliveries been irregular, we have not even received” the minimum quantity of 50,000 tonnes per month in most months, IGEDC wrote.The source said STC supplied the steel to Iran based on availability and demand from Tehran, which was why the shipments were far below the expected levels.

A meeting in Vienna between John Kerry, Iran and the EU will pave the way for ‘implementation day’, enabling Tehran to re-enter the global economyThe US secretary of state, John Kerry, was expected to arrive in Vienna on Saturday for talks with his Iranian and European counterparts ahead of the so-called “implementation day” ending sanctions on Tehran. A state department spokesperson has confirmed that Kerry was travelling to the Austrian capital on Saturday to hold meetings with Iran’s foreign minister, Mohammad Javad Zarif, and the EU foreign policy chief, Federica ‎Mogherini. They were expected to announce an end to the sanctions regime as early as Saturday after the International Atomic Energy Agency (IAEA) formally verifies that Tehran has fulfilled all its obligations under the landmark nuclear accord between western powers and Iran.“As we’ve said, all parties have continued making steady progress towards implementation day of the JCPOA (joint comprehensive plan of action), which will ensure the exclusively peaceful nature of Iran’s nuclear programme,” deputy spokesman Mark Toner said in an email statement provided to the media.The mood in Tehran is upbeat but many remain cautious as the US and the EU prepare to dismantle an intricate network of punitive measures against Iran, reconnecting it to the global economy after 10 years of isolation and unlocking billions of dollars worth of trade.'We're desperate to see change': Tehran upbeat as sanctions due to end this weekend

Read moreThe west has already put in place the essential legislation for the lifting of sanctions. The announcement of the implementation day will bring that into effect. Iranian banks will soon re-establish connections with the European financial system and private firms will be able to pursue business opportunities without fear of western punishment.Under an extensive web of financial restrictions, Iran was subject to economic isolation as well as an oil embargo. The lifting of sanctions will pave the way for Iran to add an extra half a million barrels per day to its crude exports, which will affect the global oil market currently already struck by oversupply. Iran is also expected to add another half a million barrels per day within six months, bringing its crude exports back to pre-sanctions level.European companies will be able to resume business with Iran but American companies are still hampered by the existing terrorism, human rights and ballistic missiles-related sanctions that will remain in place. Foreign companies dealing with Iran will no longer be punished by the US.Meanwhile, Iran’s banking sector, previously cut off from the outside world, will gain access to Swift services, which facilitate international transactions. Around $30bn of a total of $100bn in frozen assets will be released to Iran.“Implementation day is demonstration of how persistent, high-level engagement is a critical ingredient for successful policies between Iran and the international community,” said Reza Marashi of the National Iranian American Council (NIAC), who closely followed the nuclear talks.“Direct diplomacy between secretary of state John Kerry and foreign minister Javad Zarif was the linchpin of this peaceful outcome,” he said. “In the absence of US-Iran dialogue, accidents like [the recent capture of US sailors] could have quickly escalated. Thanks to the Iran nuclear deal, a sustained diplomatic channel now exists to de-escalate. The entire Middle East will benefit if this is the new normal.”The stories you need to read, in one handy email

Read moreHossein Rassam, a London-based Iranian analyst, said the lifting of sanctions would bring two years of intensive diplomacy to fruition. “Significance of the post-implemenation day period is that sectors of the Iranian economy such as trade and oil can, after many years, experience relative normalcy,” he said.John Forrest, head of international trade in London at law firm DLA Piper, said “as a significant and diverse emerging market, Iran presents substantial opportunities for European businesses, especially those engaged in the oil and gas and wider energy sector, manufacturing companies, retail and consumer goods suppliers and the food and drink and sector, and financial institutions and wider financial services companies”.But he said while all nuclear-related sanctions on Iran will be lifted, other sanctions such as those related to human rights and terrorism will remain in place, most notably in the US, meaning that companies would still have to comply with those restrictions.“From a practical perspective, it remains to be seen whether EU sanctions relief will be held back should banks continue to take a cautious approach to processing Iranian payment transactions,” he said.“Whilst the EU piece of the puzzle is clear, as it has already published relevant legislation amending existing sanctions measures to pave the way for early EU termination, there remains a lack of clarity with regards to the US.”